On February 15 of the current year, Young received a $10,000 lump-sum payment from a qualified profit

Question:

On February 15 of the current year, Young received a $10,000 lump-sum payment from a qualified profit sharing plan, the full amount of which Young rolled over into an IRA 46 days later. How much of this lump-sum payment may Young exclude from current-year gross income?
a. $0
b. $10,000
c. Depends on contribution limit
d. $8,000

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